Danny Batsalkin of Boulevard Realty was featured in a story in the Los Angeles Times on Sunday, August 29, 2010 ...
Foreclosures of million-dollar-plus homes on the rise
by Lauren Beale
A small excerpt ...
The number of homes in the $1-million-and-up slice of the market that have become bank owned has tripled during the last three years in Los Angeles County, and the trend has shown little sign of slowing.
Not every REO is owned by a bank. Sometimes the new owner is a private money lender. One such corporate-owned REO in the Beverly Hills Post Office area is an 11,000-square-foot Mediterranean on more than two acres with a tennis court and swimming pool that is priced at $7,999,000.
The original owner had purchased the property in the 1990s, but after borrowing against the property for a business that didn't survive the economic downturn, he couldn't support the payments, said listing agent Danny Batsalkin of L.A.-based Boulevard Realty. Unlike the bank-owned competition, the house comes with an offer of financing — 20% down at a 5.99% interest rate and three years of interest-only payments. "This does make it more attractive," Batsalkin said. Changes in banking requiring full-documentation loans have altered the financing picture in the upper end of the market, Goldman said. "In 2006, you could borrow 70% to 80% on a $10-million house," he said. "Today you might need 50% down."
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